Written by The Business Journal Staff
The Fresno developer needs approval from the City Council for the sale of the property along the northwest corner of Fulton and Inyo Streets before moving forward with the first phase of construction.
“I’m so excited that tomorrow this will be submitted for council’s approval,” Mayor Ashley Swearengin said. “There’s a lot of interest in this project and we’re very excited to be kicking it off with partners like Noyan Frazier.”
Fresno City Councilmember Oliver Baines was also on hand to show support of the development, which will begin with a multi-story project of 51-residential units and nearly 10,000-square-feet of retail and office space.
If the sale is approved by the council this week, developer Mehmet Noyan said construction on the project would begin by early 2017. The delay is meant to give some breathing room to the conversion of the Fulton Mall.
“We’re hoping to combine this project with the completion of the street,” he said.
The first phase is expected to be complete by the end of 2017 and the $14 million tab will be paid for through a combination of private, state and federal funds, Noyan said.
From there the developers will turn their focus to the multi-level parking structure across Fulton Street. The 50,000-square-foot building would be turned into a public market similar to San Francisco’s Ferry Building and Pike’s Place in Seattle.
“There we can show off all the Valley has to offer and it will really be an anchor for Downtown,” Noyan said. “There’s lots of opportunity with the opening of the street. It’s going to change the whole dynamic here.”
The parking garage would partially remain, with most of the retail and market space going on the ground floor.
The final three phases would continue to focus on the street’s south side near Chukchansi Park and see the creation of more office and residential units.